Activision Blizzard Announces Better-Than-Expected Q3 2011 Earnings
Activision Blizzard today announced better-than-expected financial results for the third quarter of 2011. For the quarter ended September 30, 2011, the company delivered GAAP net revenues of $754 million, as compared with $745 million for the third quarter of 2010. On a non-GAAP basis, the company’s net revenues were $627 million, as compared with $857 million for the third quarter of 2010. The company delivered record third-quarter GAAP net revenues from digital channels, accounting for more than 57% of the company’s total net revenues. On a non-GAAP basis, the company also delivered record third-quarter net revenues from digital channels, accounting for more than 62% of the quarter’s total net revenues. For the quarter ended September 30, 2011, Activision Blizzard’s GAAP earnings per diluted share were $0.13, as compared with $0.04 for the third quarter of 2010. On a non-GAAP basis, the company’s earnings per diluted share were $0.07, as compared with $0.12 for the third quarter of 2010. Those results do not include revenues from Call of Duty Modern Warfare 3, which launched today to a huge fan reception.
Robert Kotick, Chief Executive Officer, Activision Blizzard, said, “Today, we launched Call of Duty: Modern Warfare 3, which is perhaps the most anticipated video game in history and Call of Duty Elite, our new online service that makes playing together easier and more fun than ever before. Call of Duty Elite is a truly new form of entertainment combining Facebook-like social networking features and online television shows, offering the most accessible way to play Call of Duty games with other people.” Kotick continued, “We continue to strengthen our position as the worldwide leader in interactive entertainment and the broadening of our audiences is confirmation that games are becoming as important as film and television as a mass-market form of entertainment. Our record nine-month results were driven the by the continued strength of our online-enabled franchises. Based on our third-quarter performance, stronger than expected consumer response to our new entertainment property, Skylanders: Spyro’s Adventures, and Call of Duty: Modern Warfare 3, we are raising our full-year financial outlook and expect once again to deliver record operating margins and the highest earnings per share in our company’s history.”
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